2010 Session

Budget Amendments - SB30 (Conference Report)

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MEI Site Planning Fund (language only)

Item 96 #2c

Item 96 #2c

Commerce And Trade
Economic Development Incentive Payments

Page 54, after line 3, insert:
"K. Authorized in this item is the use of $5,000,000 the first year from nongeneral fund sources for the site planning fund created pursuant to § 2.2-2240.2, Code of Virginia, to assist political subdivisions in the performance of site and site development work for prospective Major Employment and Investment (MEI) Projects, as defined in § 2.2-2260, Code of Virginia.  Grants allocated from this appropriation shall be approved by the Governor and made in accordance with procedures and guidelines established by the Virginia Economic Development Partnership.  The guidelines and procedures shall give consideration in order to (i) ensure geographical representation of awards, (ii) limit the amount of annual recipients, (iii) identify strategic targets and select sites that are compatible with the strategic targets, and (iv) promote regional revenue sharing."

(This amendment assumes $5.0 million of nongeneral fund resources in the first year will be available for the Major Employment and Investment (MEI) Project Site Planning Fund established pursuant to legislation adopted by the 2010 General Assembly to support an economic development project in Southside.)